GUNR vs EWC: Holdings Overlap
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
iShares · 84 holdings · $6.2B · as of 2026-05-31
Holdings snapshots are 31 days apart (GUNR: 2026-04-30, EWC: 2026-05-31). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are GUNR and EWC?
FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148 positions; iShares MSCI Canada ETF (EWC, by iShares) holds 84. They have 17 holdings in common, and by portfolio weight the two funds are 14.3% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 14.3%Sum of the smaller weight of each shared holding
- Shared Holdings
- 17GUNR holds 148 · EWC holds 84
- Weight in Shared Holdings
- GUNR 18%·EWC 24%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in GUNR
131 of 148 positions (81.6% of the fund) are not held by EWC. Showing the top 30 by weight.
Only in EWC
67 of 84 positions (75.5% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GUNR | EWC |
|---|---|---|
| Materials | 43.0% | 15.5% |
| Financials | 0.0% | 37.4% |
| Energy | 32.2% | 17.1% |
| Consumer Staples | 8.4% | 3.3% |
| Information Technology | 0.0% | 8.2% |
| Other Sectors | 5.6% | 11.6% |
| Unclassified | 10.6% | 6.9% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (11% of GUNR, 7% of EWC).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| GUNR | +6.1% | +16.9% | +32.8% | +11.8% | +10.9% | +10.3% | 2.30% |
| EWC | +5.0% | +14.2% | +31.3% | +22.9% | +12.6% | +11.6% | 1.22% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in GUNR vs EWC →
Shared Holdings(17)
The top 10 shared positions account for 81% of the overlap, led by AEM, CNQ and ABX.
 AEMAgnico Eagle Mines Ltd. | 1.99% | 3.00% | 1.99% |
|---|---|---|---|
 CNQCanadian Natural Resources Ltd. | 1.46% | 3.08% | 1.46% |
 ABXBarrick Mining Corp. | 1.37% | 2.34% | 1.37% |
 SUSuncor Energy, Inc. | 1.28% | 2.44% | 1.28% |
 WPMWheaton Precious Metals Corp. | 1.19% | 1.98% | 1.19% |
 NTRNutrien Ltd. | 4.83% | 1.08% | 1.08% |
 CCJCameco Corp. | 0.98% | 1.59% | 0.98% |
 FNVFranco-Nevada Corp. | 0.85% | 1.45% | 0.85% |
 KUSDKinross Gold Corp. | 0.78% | 1.19% | 0.78% |
 CVECenovus Energy, Inc. | 0.61% | 1.27% | 0.61% |
 TECKTeck Resources Ltd., Class B | 0.58% | 0.98% | 0.58% |
 PAASPan American Silver Corp. | 0.47% | 0.78% | 0.47% |
 LUNLundin Mining Corp. | 0.41% | 0.66% | 0.41% |
 FMFirst Quantum Minerals Ltd. | 0.39% | 0.71% | 0.39% |
 AGIAlamos Gold, Inc., Class A | 0.34% | 0.56% | 0.34% |
 IMOImperial Oil Ltd. | 0.30% | 0.65% | 0.30% |
 TOUTourmaline Oil Corp. | 0.28% | 0.55% | 0.28% |
Frequently Asked Questions
How much do GUNR and EWC overlap?
GUNR and EWC overlap by 14.3% of portfolio weight. They share 17 holdings (GUNR holds 148 positions and EWC holds 84), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GUNR and EWC?
The two portfolios are 14.3% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of GUNR and EWC?
The largest positions held by both funds are AEM, CNQ, ABX, SU and WPM. Together the top 10 shared positions account for 81% of the total overlap.
What does GUNR own that EWC doesn't?
131 positions (81.6% of GUNR) are unique to GUNR, led by CTVA, XOM and BHP. In the other direction, 67 positions (75.5% of EWC) are unique to EWC.